Northern Vertex Files Third Quarter Fiscal 2015 Financial Results - Seite 3

Exploration

• The Company has completed a field geological mapping and sampling programme on areas outside of the main Moss vein system. The objective of the programme was to identify and prioritize areas for future drilling where new resources may be discovered. Only approximately 5% of the property has been explored to date.
  
  
• Reconnaissance mapping followed by a rock chip sampling program, totaling 681 samples, was carried out to investigate a number of vein trends on the Company's unpatented claims surrounding the flagship Moss Deposit. Initial coverage was focused on prominent quartz carbonate veins and breccia zones.
  
  
• A significant number of samples showed evidence of gold mineralization with a portion having gold grades in excess of 1 gpt indicating that a number of vein exposures on the property are auriferous at surface with others showing alteration and trace elements that indicate their surface expression is above the boiling zone where gold might be found in the system - see news release dated March 24, 2015.
  
  
• The Company will be developing plans for a further mapping and sampling program. Several target areas remain to be sampled and others require follow-up sampling to further define their potential. Once this work is complete, the Company will assess the prospects for a property wide drilling program to test the potential for further discoveries on the Moss and Silver Creek claims. Given the success to date, the Company believes that the prospects for additional discoveries of gold bearing veins and structures continue to be good.
  
  

Feasibility Study

• Feasibility Study ("FS") activities continue with a target completion date towards the end of the second quarter of calendar 2015. The FS is designed to fulfill two functions, namely a Technical Report prepared in accordance with NI 43-101 Standards of Disclosure for Mineral Projects and a report to evaluate the viability of a mining operation on the Moss Mine property that meets the definition of "Bankable Feasibility Study" ("BFS") for purposes of, and as defined in, the 2011 Agreement with Patriot Gold.

• In the 3rd Quarter, all major consultants made significant progress in the following areas:
  • Geotechnical data collection and analysis;
  • Geohydrology data collection and analysis;
  • Mine design;
  • Heap leach pad design;
  • Processing facility design;
  • Site infrastructure requirements; and
  • Environmental and Permitting considerations